Bitcoin Dominance Climbs as Ethereum Falters — ETH/BTC Hits Lowest Since 2020
Bitcoin is reasserting its leadership in the digital asset market, with its share of total crypto capitalization rising to 64.60%, the highest level since January 2021. Combined with Tether (USDT) and USD Coin (USDC), these three assets now make up approximately 72% of the entire crypto market — a reflection of the ongoing rotation toward liquidity, resilience, and lower volatility.
This trend highlights a broader repricing of risk within crypto. Amid macroeconomic headwinds and equity market turbulence, capital is consolidating into assets perceived as safer and more structurally sound — a category increasingly dominated by BTC and leading stablecoins.
Ethereum’s underperformance adds to the narrative. ETH has shed more than 50% of its value in 2025, and the ETH/BTC ratio has now fallen to 0.01765 — the lowest level in over five years. This weakening ratio suggests that Ethereum is losing ground not only in price but in investor mindshare, particularly among institutions seeking risk-adjusted exposure.
Meanwhile, Bitcoin’s recent price action has shown resilience. Since the beginning of April, marked by the market’s so-called “Liberation Day,” the S&P 500 has dropped 6%, while BTC has managed a 4% gain, signaling its potential decoupling from traditional assets. BTC currently trades slightly above $88,000; ETH, by contrast, remains just above $1,600.
Key Technical and On-Chain Levels in Play:
Bitcoin’s short-term outlook may hinge on whether it can sustainably break above the following key thresholds:
- 200-Day Moving Average: $87,965
- 2025 Realized Price: $91,565
- Short-Term Holder Realized Price: $92,385
Historically, firm closes above these levels have preceded prolonged bullish phases — a development that technical analysts are monitoring closely.
